Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construct an industrial complex with a warehouse and office space; and a biogas renewable energy facility which will consist of several buildings, including an office building and storage silos
Entity Name: 38-60 Blanchard, LLC.
Entity Address: 75 Parkhurst Street, Suite 2, Newark, New Jersey 07114
Sale Amount: $75,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $1,206,500.00
Appraised Amount: $2,400,000.00
Contract Period: To be commenced within three (3) months and be completed within twenty-four (24) months from the transfer of ownership by the City
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
38-60 Blanchard Street Rear/Block 5001/Lot 16/East Ward
Additional Information:
This resolution authorizes the sale and redevelopment of a contaminated site formerly used as a landfill. The appraised value of the property, without accounting for its environmental condition, is $2.4 million dollars. The estimated cost to remediate the site is $5.46 million dollars.
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned property located in the East Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SQ. FEET
38-60 Blanchard St., Rear East 5001 16 147,668.4
WHEREAS, the City of Newark has determined that the above-referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-...
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